SDS8204A高带宽数字示波器模拟带宽可达20GHz，每通道实时采样率高达50GSa/s，存储深度最大 2.5Gpts/通道，最高500,000wfm/s波形捕获率，270μVrms超低本底噪声，8-bit垂直分辨率，具备丰富的 一致性分析功能如MIPI、DDR、PCIe、以太网等，搭配眼图和抖动分析工具及丰富的协议解码，可为 半导体研发、高速通信系统验证、车载电子测试等提供全方位的解决方案。 本次发布的产品属于高端系列产品，是公司高端化发展战略的成果，体现了公司的技术创新能力、市场 应变能力和产品开发能力，进一步丰富了公司的高端产品矩阵，拓宽了公司产品的应用场景和使用范 围，将有助于巩固和提升公司的综合竞争力，对公司未来的发展将产生积极的影响。 格隆汇12月22日丨鼎阳科技(688112.SH)公布，2025年12月22日，公司正式发布20GHz高带宽数字示波 器SDS8204A。 ...

本次发布的产品属于高端系列产品，是公司高端化发展战略的成果，体现了公司的技术创新能力、市场 应变能力和产品开发能力，进一步丰富了公司的高端产品矩阵，拓宽了公司产品的应用场景和使用范 围，将有助于巩固和提升公司的综合竞争力，对公司未来的发展将产生积极的影响。 智通财经APP讯，鼎阳科技(688112.SH)发布公告，2025年12月22日，公司正式发布20GHz高带宽数字示 波器SDS8204A。 SDS8204A高带宽数字示波器模拟带宽可达20GHz，每通道实时采样率高达50GSa/s，存储深度最大 2.5Gpts/通道，最高500,000wfm/s波形捕获率，270μVrms超低本底噪声，8-bit垂直分辨率，具备丰富的 一致性分析功能如MIPI、DDR、PCIe、以太网等，搭配眼图和抖动分析工具及丰富的协议解码，可为 半导体研发、高速通信系统验证、车载电子测试等提供全方位的解决方案。 ...

SDS8204A高带宽数字示波器模拟带宽可达20GHz，每通道实时采样率高达50GSa/s，存储深度最大 2.5Gpts/通道，最高500,000wfm/s波形捕获率，270μVrms超低本底噪声，8-bit垂直分辨率，具备丰富的 一致性分析功能如MIPI、DDR、PCIe、以太网等，搭配眼图和抖动分析工具及丰富的协议解码，可为 半导体研发、高速通信系统验证、车载电子测试等提供全方位的解决方案。 智通财经APP讯，鼎阳科技(688112.SH)发布公告，2025年12月22日，公司正式发布20GHz高带宽数字示 波器SDS8204A。 本次发布的产品属于高端系列产品，是公司高端化发展战略的成果，体现了公司的技术创新能力、市场 应变能力和产品开发能力，进一步丰富了公司的高端产品矩阵，拓宽了公司产品的应用场景和使用范 围，将有助于巩固和提升公司的综合竞争力，对公司未来的发展将产生积极的影响。 ...

每经AI快讯，12月22日，鼎阳科技(688112.SH)公告称，公司于2025年12月22日正式发布SDS8204A高带 宽数字示波器，该产品模拟带宽可达20GHz，每通道实时采样率高达50GSa/s，存储深度最大2.5Gpts/通 道。此新产品是公司高端化发展战略的成果，体现了公司的技术创新能力，进一步丰富了公司的高端产 品矩阵。然而，新产品实现大规模销售需通过更多客户试用和评估，存在市场推广与客户开拓不及预期 的风险。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Insights - The company achieved a revenue of 431 million yuan in the first three quarters of 2025, representing a year-over-year growth of 21.67%, with a net profit attributable to shareholders of 111 million yuan, also up by 21.49% year-over-year [3][7]. - The company has a well-established product matrix in oscilloscopes and has shown significant growth in high-resolution digital oscilloscopes and RF microwave products, with revenue growth rates of 95.40% and 80.10% respectively in the domestic market [7]. - The company is a research-driven high-tech enterprise focused on the development and innovation of general electronic testing and measurement instruments, recognized as a key "little giant" enterprise by the state [7]. - The company continues to push its high-end development strategy, with R&D investment in Q3 2025 reaching 36.81 million yuan, a 42.65% increase year-over-year, accounting for 24.11% of revenue [7]. - The product structure has been optimized, with high-end, mid-range, and low-end products accounting for 30%, 49%, and 21% of revenue respectively, and high-end product revenue growing by 51.22% [7]. Financial Summary - The company forecasts revenues of 497 million yuan for 2024, 597 million yuan for 2025, and 716 million yuan for 2026, with corresponding net profits of 143 million yuan, 180 million yuan, and 223 million yuan [6][9]. - The gross margin is expected to remain stable at around 63% from 2025 to 2027, while the net margin is projected to improve from 24% in 2025 to 26% in 2027 [10]. - The company's return on equity (ROE) is expected to increase from 9.1% in 2025 to 13.3% in 2027, indicating improved profitability [10]. Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 44.1 in 2025 to 28.3 in 2027, suggesting a more attractive valuation over time [10]. - The price-to-book (P/B) ratio is expected to remain stable around 4.0 to 3.8 from 2025 to 2027 [10].

Core Viewpoint - The appointment of Zhao Chunwu as the chairman of China Resources Beer Holdings Co., Ltd. marks a significant leadership transition following the resignation of former chairman Hou Xiaohai, with a focus on sustaining the company's strategic direction and growth in the beer and liquor market [1][2]. Company Leadership Changes - Zhao Chunwu has been appointed as chairman and chairman of the finance committee effective September 3, 2025, after serving as president since August 2023 [1]. - Zhao has a long history with the company, having joined in 2003 and held various key positions across different regional subsidiaries [1]. Financial Performance - In the first half of 2023, China Resources Beer reported revenue of 23.94 billion yuan, a year-on-year increase of 0.8%, and a net profit attributable to shareholders of 5.789 billion yuan, up 23% [2]. - The company's earnings before interest and taxes (EBIT) reached 7.691 billion yuan, reflecting a 20.8% increase year-on-year, with a gross margin of 48.9%, up 2 percentage points [2]. - The company declared an interim dividend of 0.464 yuan per share, a 24.4% increase compared to the same period last year [2]. Strategic Direction - The company aims to continue its "14th Five-Year" strategy focused on high-end product development, leveraging its domestic and international brand advantages [2]. - Despite a slight decline in the overall beer industry, the company has maintained balanced growth across its product lines, with high-end products experiencing double-digit growth [2]. - Zhao emphasized the importance of strategic consistency while adapting to industry changes, indicating a strong consensus within the management team regarding future growth strategies [2].

Group 1 - The core viewpoint of the news highlights the significant growth of Dingyang Technology, with a 93% year-on-year increase in revenue for Q1 2025, driven by a successful high-end development strategy [1] - Dingyang Technology's high-end product revenue share increased to 29%, up by 8.85 percentage points year-on-year, indicating a strong market position [1] - The company has implemented a "produce one generation, research one generation, reserve one generation" R&D strategy, continuously launching more competitive high-end products [1] Group 2 - The market sizes for spectrum analyzers, signal generators, and vector network analyzers are reported as $1.403 billion, $905 million, and $784 million respectively, with projected compound annual growth rates (CGR) of 6.80%, 5.89%, and 6.37% from 2022 to 2027 [1] - In 2024, Dingyang Technology's direct sales revenue is projected to be 75.67 million yuan, accounting for 15.21% of total revenue, reflecting a year-on-year increase of 1.69 percentage points [1]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][6][11] Core Views - The company achieved a revenue of 497 million yuan in 2024, representing a year-over-year growth of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan [3][6] - The company continues to push its high-end development strategy, optimizing its product structure with a balanced development across its four main product lines [6][7] - The company has increased its R&D investment, which reached 108 million yuan in 2024, a year-over-year increase of 26.01%, accounting for 21.81% of its revenue [6][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2024: Revenue of 497 million yuan, net profit of 112 million yuan - 2025: Projected revenue of 597 million yuan, net profit of 143 million yuan - 2026: Projected revenue of 716 million yuan, net profit of 180 million yuan - 2027: Projected revenue of 860 million yuan, net profit of 223 million yuan [5][8][9] - Profitability Ratios: - Gross margin for 2024 is 61.1%, with a net margin of 22.5% - Expected gross margin for 2025-2027 is around 63% [6][9] - Earnings Per Share (EPS): - 2024: 0.70 yuan - 2025: 0.90 yuan - 2026: 1.13 yuan - 2027: 1.40 yuan [5][9] Product Development and Market Strategy - The company launched 10 new high-end products in 2024, contributing to a solid foundation for future revenue growth [6][7] - The revenue distribution among high-end, mid-range, and low-end products is 24%, 54%, and 22% respectively, with high-end product revenue increasing by 13.40% year-over-year [6][7] - Direct sales revenue reached 76 million yuan in 2024, a year-over-year increase of 15.80%, with a direct sales gross margin of 67.76% [7]